Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • February 2016
02

Roundtable event tackles challenge of long-term care

Open-access content Tuesday 2nd February 2016 — updated 5.50pm, Wednesday 29th April 2020

On 10 December, the IFoA hosted a roundtable to mark the launch of a member-led report on how financial products can help people pay for long-term care.


On 10 December, the IFoA hosted a roundtable to mark the launch of a member-led report on how financial products can help people pay for long-term care. We had panellists from The King's Fund, Age UK and the Association of British Insurers, as well as academics, think-tanks, consumer champions and providers in attendance. This meant we were able to discuss the report's findings in the wider context of policy and industry developments, without losing sight of those with care needs.

Despite the rising number of people with care needs, the funding of social care as a share of gross domestic product is in decline. There is a lack of political consensus on how we can respond to this challenge - implementation of the second phase of the Care Act (2014) has now been deferred to 2020, and there are doubts as to whether these reforms will be introduced at all.

The current funding system is complex, and many people still do not understand that they will have to pay for their care needs. Financial planning for long-term care cannot be looked at in isolation from the entirety of someone's retirement income needs, and in the new post-freedom environment individuals are increasingly going to be faced with complex financial decisions. We therefore recommended:

  • A comprehensive approach to collecting data on how people are using their assets post freedom and choice; and
  • An awareness-raising campaign of the costs people face should they have care needs.

 For details email [email protected]

 The full report can be found at bit.ly/1JwICgf

This article appeared in our February 2016 issue of The Actuary.
Click here to view this issue
Filed in
02

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Risk Actuary - General Insurance

London (Greater)
£60,000 - £85,000
Reference
145934

Project Actuary - Life Insurance

Midlands
£60,000 - £110,000
Reference
145933

Model Validation Actuary

London (Greater)
£60k - £80k
Reference
145932
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ